Ph: (02) 9370 56 64

The auctioneers job and rules of auction

The auctioneers job and rules of auction

By Sarah Lefebvre on Jul 05 2018


Essentially the role of the auctioneer is to control a public negotiation process where potential buyers are competing to buy a property.

The auctioneer has to make sure the process takes place in an orderly and legal manner and they must always conduct themselves professionally. A good auctioneer though stands out from the rest as they use tools like humour and wit to make the buyers feel more comfortable.  I’ve found the more relaxed they are, the better the results.

Auctioneer announcements

Before the auction commences the auctioneer will introduce themselves and the agency they work for and they will announce terms and conditions in accordance with state law and any rules that surround your auction in particular.

Following this the auctioneer will give a detailed description of your property and list its valuable features and benefits.

Rules of auction

Terms and conditions of the auction are on display before and during the auction and are always available from the agent throughout the campaign.   
 

Bidding at the auction

Following the introduction from the auctioneer, the auction will get under way.  The auctioneer will call for an opening bid or in other words the first bid from the crowd.  

From this point onwards the auctioneer will control the flow of the bidding and will encourage bidders to go higher, but at the end of the day, each bidder decides how much they are prepared to pay and the seller decides whether they’re prepared to sell at that price.

All bids must be acknowledged and recorded, so there are no misunderstandings over who has bought the property and for how much.  And no bid can be accepted after the hammer falls.

Auctions by nature are often emotionally charged, but a good auctioneer knows how to take the pressure out of this very serious process by making the buyers feel comfortable.  They have the ability to get the best out of the buyers and to achieve the best possible price for the seller.

We can’t stress enough the importance of choosing a professional auctioneer with a commanding presence as they are the decider in all disputes.

 

You may also like

How to set a reserve price for auction

How to set a reserve price for auction

David Holmes, National Manager, LJ Hooker Auction services, looks at how to set a reserve price a...
What goes into an auction marketing plan?

What goes into an auction marketing plan?

When selling your property by auction, how do you create a high impact marketing campaign? David...
What to expect on auction day

What to expect on auction day

David Holmes from LJ Hooker Auction Services, shares his insights on how sellers should best prep...

Subscribe to our newsletter

Please enter your name
Please enter your valid Email Address
Please checked I Agree to Terms & Conditions and Privacy Policy
Please verify that you are not a robot.